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Banking Law Keyed to Malloy, 4th Ed.
Texas State Bank v. United States
Citation:
423 F.3d 1370 (2005)Facts
The Federal Reserve System was established in 1913 to implement monetary policy. Before the Monetary Control Act of 1980, only national banks were required to maintain non-interest bearing reserves with the Federal Reserve. The 1980 Act extended this requirement to all depository institutions, including state-chartered banks like Texas State Bank. These mandatory reserves took the form of non-interest bearing deposits at Federal Reserve Banks or as vault cash. The Federal Reserve used these reserves to fund open market operations, which generated substantial income. After paying its expenses, the Federal Reserve transferred the remainder to the Treasury annually, sometimes by statutory mandate. Texas State Bank maintained these required reserves since 1980 but claimed that the income generated by its reserves belonged to it, not the government. The bank argued that when the United States directed the Federal Reserve to transfer these earnings to the Treasury, it constituted a Fifth Amendment taking of private property without just compensation.
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